MIRA
INFORM REPORT
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Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOLAR SEMICONDUCTOR PRIVATE LIMITED |
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Registered Office : |
Plot No. 443/A/28, Road No. 86, Jubilee Hills, Hyderabad – 500033,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.04.2006 |
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Com. Reg. No.: |
01-49854 |
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CIN No.: [Company
Identification No.] |
U40106AP2006PTC049854 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS16979E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Trading of Silicon Wafers, Solar Cells and Solar
Applications |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 720000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new Company and had not commenced commercial
production as per last available financials of 31.03.2007. The Company has incurred some pre-operative
expenses. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Plot No. 443/A/28, Road No. 86, Jubilee Hills, Hyderabad – 500033,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23350051 |
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Fax No.: |
91-40-23556299 |
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E-Mail : |
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Website : |
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Factory : |
Survey No. 97, Door 5-140, Gundla Pochampally, Near Kompally Raga
Reddy District 500014, Andhra Pradesh, India |
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Overseas Office : |
1292 Kifer Road, Suite 808, Sunnyvale, CA 94086 USA |
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Tel. No.: |
1 408 329 5353 / 1 650 521 4309 |
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Fax No.: |
1 408 329 5354 |
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E-Mail : |
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USA Office : |
1292 Kifer Road, Suite 808, nnyvale, CA 94086 USA |
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Tel No.: |
1 408 329 5353/ 650 521 4309 |
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Fax No.: |
1 408 329 5354 |
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Email : |
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India Office : |
Naim Chambers, No. 8-2-608/1/4, Road No 10, Banjara Hills,
Hyderabad 500034, India |
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Tel No.: |
91-20-23301571/ 301572/ 301573 |
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Fax No.: |
91-40-23301576 |
DIRECTORS
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Name : |
Mr. Venkata Ramana Kode |
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Designation : |
Director |
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Address : |
Plot No. 1159, Road 57, Jubilee Hills, Hyderabad 500034, Andhra
Pradesh, India |
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Name : |
Mrs. Sandhya Venkat Kode |
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Designation : |
Director |
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Address : |
Plot No. 1159, Road 57, Jubilee Hills, Hyderabad 500034, Andhra
Pradesh, India |
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Date of Birth/Age : |
14.10.1959 |
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Date of Appointment : |
16.11.2006 |
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Name : |
Mr. S. S. N. Prasad |
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Designation : |
Director |
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Date of Birth/Age : |
14.05.1956 |
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Date of Appointment : |
24.02.2007 |
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Name : |
Mr. Surapaneni Hari Rao |
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Designation : |
Director |
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Date of Birth/Age : |
22.07.1957 |
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Date of Appointment : |
17.04.2006 |
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DIRECTORSHIP IN OTHER COMPANIES: |
CIN No.: U74200AP2005PTC045854
CIN No.: U65993AP1994PTC017680
CIN No.: U65993AP1994PTC017683 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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S. S. N. Prasad |
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5000 |
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S. Hari Rao |
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5000 |
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S. Hari and S. Usha Rao |
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5000000 |
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Sri. KSSV Finvest Private Limited |
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2500000 |
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Total |
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7510000 |
(As on 31.03.2007)
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Equity Share
Break-up |
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Percentage |
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Bodies Corporate |
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33.42 |
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Directors or relatives of the Directors |
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66.58 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Silicon Wafers, Solar Cells and Solar
Applications |
GENERAL
INFORMATION
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Bankers : |
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Banking Relations
: |
- |
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Auditors : |
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Name : |
PVRK Nageswara Rao and Company
Chartered Accountants |
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Address : |
109, Metro Residency, 6-3-1247, Rajbhavan Road, Hyderabad 500082,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23311609 / 23312269 |
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Fax No.: |
91-40-23319591 |
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E-Mail : |
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Associates/Subsidiaries : |
Solar Semiconductor Inc., USA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7510000 |
Equity Shares |
Rs.10/- each
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Rs.75.100 Millions
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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75.100 |
75.100 |
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2] Share Application Money |
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105.085 |
19.585 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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180.185 |
94.685 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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180.185 |
94.685 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.759 |
0.204 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.044 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.053 |
0.000 |
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Sundry Debtors |
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97.533 |
83.863 |
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Cash & Bank Balances |
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0.178 |
0.009 |
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Other Current Assets |
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71.419 |
10.000 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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170.183 |
93.872 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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2.074 |
0.969 |
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Total
Current Liabilities |
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2.074 |
0.969 |
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Net Current Assets |
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168.109 |
92.903 |
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MISCELLANEOUS EXPENSES |
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0.038 |
0.038 |
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Capitalisation |
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11.235 |
1.540 |
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TOTAL |
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180.185 |
94.685 |
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PROFIT & LOSS
ACCOUNT
Note:
The Subject Company was incorporated on
17.04.2006 and the Subject Company has not commenced any commercial operations
during the period i.e. from 17.04.2006 to 31.03.2007. Hence Profit and Loss Account not available. However Unallocated Expenditure Pending
Capitalisation for the said period is as follows:
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Total Imports |
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1.040 |
NA |
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Expenditures : |
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Personal Expenses |
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2.699 |
0.220 |
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Printing and Stationery |
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0.091 |
0.024 |
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Electricity Charges |
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0.718 |
0.006 |
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Traveling and Conveyance |
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1.363 |
0.340 |
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Communication Expenses |
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0.200 |
0.012 |
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Professional Charges |
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1.090 |
0.112 |
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Computer Maintenance |
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0.000 |
0.004 |
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Fees, Rates and Taxes |
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3.133 |
0.753 |
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Audit Fees |
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0.152 |
0.028 |
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Web Hosting Charges |
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0.000 |
0.025 |
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Repairs and Maintenance |
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0.054 |
0.005 |
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Advertisement |
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0.255 |
0.000 |
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Vehicle Maintenance |
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0.184 |
0.000 |
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Rent |
|
1.061 |
0.000 |
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General Expenses |
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0.587 |
0.000 |
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Depreciation |
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0.123 |
0.009 |
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Income Tax and FBT |
|
0.360 |
0.007 |
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Interest Earned |
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[0.835] |
[0.006] |
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Total Expenditure |
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11.235 |
1.539 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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82.05 |
96.87 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
- The Subject Company proposes to make an
overall investment of around Rs. 45000 Millions in state of the art plant
and equipment over a period of 10 years for Photovoltaic Solar Cell Fab,
PV Solar Module Assembly Line and Thin Film Solar Production Line.
- The
Government of Andhra Pradesh allotted 50 acres of land in the first phase
and the balance 50 acres after utilization of first 50 acres land.
- 15000 sft of
RCC building has already been taken on lease to star Module Assembly
operations in Gundla Pochapally near Kompally in RR District, A.P.
- The Subject Company importing Module
Assembly equipment with full automation from P. Energy, Italy and the
production is likely to be commenced shortly.
- A wholly
owned subsidiary has been set up in the State of California, USA.
AS PER WEBSITE
DETAILS:
Profile:
Subject was incorporated in April 2006. They design,
develop, manufacture and market a variety of solar photovoltaic (“PV”) products
and solutions. High quality PV modules offered by Solar Semiconductor provide
reliable, environmentally friendly and commercially viable electric power for
residential, commercial, industrial and public utility applications in
multifarious markets worldwide. Their strategy is to make quality, certified
solar energy solutions affordable and price competitive.
Subject operates in a special economic zone (“SEZ”) in India in order to take
advantage of tax rebates, several regulatory and fiscal incentives and an
internationally competitive and hassle free environment for exports.
MANAGEMENT
The management of Solar Semiconductor is comprised of the following strong
group of individuals with complementary and diverse backgrounds.
HARI SURAPANENI
PRESIDENT AND CEO
Hari has been a Silicon Valley
veteran for over twenty years in the technology industry. He worked in various
engineering leadership positions in VLSI development of Communications and
Processor products at National Semiconductor Corporation, Amdahl Corporation,
TRW Defense Systems before he founded Chiplogic in 1997. Chiplogic was a
Network Processor company for the Customer Premises Equipment market designed
to carry multi-service traffic (voice, video and data) over the broadband pipe
to the premises. Chiplogic was acquired by Analog Devices, Inc at the beginning
of 2001 and Hari joined ADI as Senior Product Line Director of the Network
Media Platforms Product Line.
In this role Hari grew the service
provider focused business, addressing IP communications and Triple play
strategies including IP STB strategies.
Hari holds an MSCS from Indian
Institute of Technology, Chennai and an MSCE from Southern Methodist
University, Dallas, TX.
VENKAT R. KODE
CHIEF OPERATING OFFICER
Venkat has an MS in Management
from Sloan School of Management, MIT and an MS in Electrical and Computer Engineering
from University of Iowa. Venkat has
more than twenty years experience working for companies like National
Semiconductor Corp., Advanced Micro Devices, Toshiba America Electronics
Corporation, Spectra Group, Coca Cola India, Altus Ventures etc.
Venkat has diverse industry
experiences which include consumer goods, financial services, franchising,
semiconductors, software and venture capital. His functional experience ranges
from finance, operations, marketing and sales, engineering and manufacturing.
At Coca Cola India, he was responsible for the Bottling operations for South
West with a turnover of more than Rs.1000 million.
Venkat's strength is his diverse
management skill set which he has demonstrated many times by driving growth and
increasing the top line and at the same time driving productivity and
efficiency and improving the bottom line.
PERRY HAYES
CHIEF FINANCAIL OFFICER
Perry Hayes has over 32 years
experience in the area of corporate finance. His most recent experience
includes 9 years at Solectron Corporation as their Senior Vice President,
Treasurer and Head of Investor Relations. Prior to Solectron, Perry was
Director of Global Treasury at Dell Computer Corporation, where he managed the
treasury operations of the multi-billion dollar enterprise. Perry also has good
experience working with companies having operations in India and intimately
understands global finance issues.
Perry has prepared companies for IPO,
integrated currency management into business operations and developed
personnel, policies, systems and strategies in finance for world-class
organizations. Throughout his career, he has maintained and managed
relationships with external investors, analysts and banks.
Perry has a Master’s degree in
International Business (MIBS) and a BA from the University of South Carolina.
SSN PRASAD
VICE PRESIDENT – INDIA OPERATIONS
SSN has a distinguished track
record of over 25 years in leading high-growth public and private technology
companies. Prior to joining Solar Semiconductor he was the Managing Director of
Hyderabad Design Centre (HDC) of Analog Devices India, Private Limited (ADI).
He co-founded Chiplogic India, Pvt. Ltd. in May 1998, specializing in VLSI
Design, Systems Software and DSP Software and developed it into a center of
excellence in the Networking space.
Prior to Chiplogic India, he was
with Semiconductor Complex Ltd. (SCL), Chandigarh from 1980 to 1998. He held
various senior level management positions in the Company. At SCL, he set up an
integrated Six inch Wafer Fabrication, VLSI Design, Test & Packaging and QA
facilities with over US$100M investment in 1997.
Prasad has a passion for start up
operations and he is strong in technology transfers, technology development and
Quality Management Systems (QMS).
He holds an M.Tech. degree in
Microelectronics from IIT Delhi, India and a B.Tech. degree in Electronics and
Communications from REC, Warangal, India. He is member of IEEE and IETE.
JAGADISH [JAKE] BUDDHAVARAPU
VP BUSINESS DEVELOPMENT
Jake was Director of Business
Development and Marketing with TSI Inc. with direct P&L responsibilities.
TSI is a high technology instrumentation manufacturer specializing in precision
instruments.
At TSI, while specializing in
global marketing of sensors and systems based on Thin Film, Nanoparticle,
Laser, Optic, Fiber Optic and Digital Signal Processing Technologies, Jake has
developed extensive high level contacts in industry (aerospace, defense, automotive,
bio-medical, utilities), government and research establishments worldwide. He
was also a member of the senior management team, and participated in strategy
formulation and setting the direction of the company.
With over 21 years of Management
experience in Engineering, Marketing and Sales, Jake is a veteran of technology
management.
Jake has an MSME degree in
Mechanical Engineering (Heat Transfer) from University of Minnesota and an MBA
from University of St. Thomas.
NAVA AKKINENI
VP SALES AND MARKETING
Nava has more than 26 years
experience in sales, marketing and operations and senior management working for
both industry leading companies and start ups. He has significant international
experience managing the American, European and Asian regions for several years.
He held senior management level
positions with well-reputed industry leading companies. He combines a
technology, engineering, marketing and business development background with
business expertise in the PC, Peripheral, Communications, Consumer electronics
and Semiconductor industries.
Before joining Solar
Semiconductor, in his last job at BenQ America he was a Vice President and
General Manager of the Canada operations. Earlier he was a Marketing Director
of the Network Media Platform for Analog Devices. He also held senior positions
as Operations Director, Deputy Managing Director and General Manager for Acer
Computer M.E.Ltd. In 2000, Nava joined as Vice President of Sales and Marketing
for a Silicon Valley start-up company in Santa Clara, CA, USA and participated
in the successful acquisition of that company
.
Nava holds a Master's Degree from
Regional Engineering College, Warangal, India and a PG Diploma in Business
Management
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|